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Dec 13, 2012
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boy, i would think the fed and ben bernanke are rooting hard for that one. we saw how the market is moving on every single development out of washington, with stocks quickly coming off of their session lows today, just on the report that the two main players would finally get in the same room, look at each other eye to eye and talk this out. even with the fed's latest contortions yesterday, it freely admits it does not have the tools that will combat the affects of a fiscal cliff debacle. ben bernanke and his fed cohorts have done the job that congress should have been doing all along. if he had his way, it would not have been the fed doing so much to help this economy. it would have been our elected officials. the job that they're paid to do. he stepped in because he had to, not because he wanted to. now, the message is clear. the fed cannot fix washington's ineptitude this time, if they can't come to a compromise and make a deal. so, you sure can be sure
boy, i would think the fed and ben bernanke are rooting hard for that one. we saw how the market is moving on every single development out of washington, with stocks quickly coming off of their session lows today, just on the report that the two main players would finally get in the same room, look at each other eye to eye and talk this out. even with the fed's latest contortions yesterday, it freely admits it does not have the tools that will combat the affects of a fiscal cliff debacle. ben...
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Dec 13, 2012
12/12
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that is really the key he question because at some point even ben bernanke suggested this will not go on forever. there will be a time where they back out of this $4 trillion of portfolio that they will have built up over the next year. how do they back out? >> well, for most investors what they have to be concerned with, what happens on the day the fed says, hey we're going to exit the market, we'll start selling 40 billion or 45 billion of treasurys each month? well, everybody is on the wrong side of the boat. everybody is long treasurys. now you're going to sell the treasurys. everybody has to rush to the other side of the boat and we see, again, a real risk that interest rates will rise very quickly when the fed makes that announcement. it will be a very difficult situation to quote, exit with the huge balance sheet like that from the fed where they're the dominant supplier now. david: not just the fed. central banks all over the world. >> that's right. david: a very dangerous experiment we're right in the middle of now. books will be written about this. let's hope it ends up well
that is really the key he question because at some point even ben bernanke suggested this will not go on forever. there will be a time where they back out of this $4 trillion of portfolio that they will have built up over the next year. how do they back out? >> well, for most investors what they have to be concerned with, what happens on the day the fed says, hey we're going to exit the market, we'll start selling 40 billion or 45 billion of treasurys each month? well, everybody is on the...
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Dec 10, 2012
12/12
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CNNW
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we have this week, ben bernanke and the fed will meet at a two-day fed meeting. a lot of people are hoping to hear from the federal reserve chief that there will be some kind of on going stimulus in the form of, you know, bond buybacks or something. we'll be looking to see what he has to say about the economy. this is another big uncertainty in the markets for the week. you know, this comes after consumer spending showing as "the wall street journal" set this morning, consumer spending, consumer confidence wabbling. this is europe concerns. we're seeing that consumer heading into the end of the year is starting to get a little more nervous about where we're headed here. now fiscal cliffs and payroll, fiscal cliff has a lot to do with this. the american payroll association this is the trade group for all of the small business who's are doing payrolls, you know, paying you. they say the fiscal cliff really isn't january 1st. their fiscal cliff is december 14th. that's the time they need to have the software changed to make sure the tax changes go into the paycheck.
we have this week, ben bernanke and the fed will meet at a two-day fed meeting. a lot of people are hoping to hear from the federal reserve chief that there will be some kind of on going stimulus in the form of, you know, bond buybacks or something. we'll be looking to see what he has to say about the economy. this is another big uncertainty in the markets for the week. you know, this comes after consumer spending showing as "the wall street journal" set this morning, consumer...
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Dec 12, 2012
12/12
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. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central banks who have been doing so much, pumping money into the system to keep things going. s&p 500 up 13% so far this year. all of these uncertainties we talked about, the fiscal cliff, all of that stuff, it is because of the certainty of fed policy many people are telling me, also because they think on wall street the fiscal cliff will be avoided. they think on wall street the only thing left to do is a little bit of shouting over what the top rate will be. 36%, 37%. they think corporate taxes will come down and we know that that is in the latest sort of prop
. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central...
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Dec 12, 2012
12/12
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and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for months and months and months when they go out to purchase longer term treasuries, they're trying to reduce the supply of those in the market and effectively swap short dated cash or other securities. north about 1.25%. whether they're holding reserves or selling the, say, two-year treasury at north of 2 5 basis points, it's effectively the same thing. they're printing 85 million a month and saying we're not doing a twist, we're doing an outright purchase. >> it's different if twist doesn't expand the balan
and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another...
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Dec 13, 2012
12/12
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well, fed chair ben bernanke warns that we're already paying the price for teetering on the edge of this fiscal cliff and he points to a recent drop in consumer and business confidence and says he hopes that congress will do the right thing and not kick the can down the road. >>> so that brings us to our fourth story, outfront. deal, no deal? deal, no deal? it is not a howie mandell story. it has everything to do about the fiscal cliff. and it's happening behind closed doors. and what is said in public does not seem to clear anything up. >> the longer the white house slow walks this discussion, the closer our economy gets to the fiscal cliff, and the more american jobs are placed in jeopardy. >> so what's really going on behind the scenes? earlier i spoke with republican senator jeff sessions, who's been asking the same question, and i asked him how much he, as the ranking member of the senate budget committee, actually knows about what's going on. >> very little. almost nothing, frankly. i mean, i learned from sources that the speaker was disappointed and things were not moving forward
well, fed chair ben bernanke warns that we're already paying the price for teetering on the edge of this fiscal cliff and he points to a recent drop in consumer and business confidence and says he hopes that congress will do the right thing and not kick the can down the road. >>> so that brings us to our fourth story, outfront. deal, no deal? deal, no deal? it is not a howie mandell story. it has everything to do about the fiscal cliff. and it's happening behind closed doors. and what...
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Dec 12, 2012
12/12
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fed chief ben bernanke speaks at 2:15 eastern. the s & p 500 up more than 13% so far this year, and now up since the election. >>> bank of america, merrill lynch predicts oil prices in this country will drop to $50 per barrel. the cause? difficulty in moving huge amounts of oil from the bakan oil fields in south dakota and in texas. they don't predict a corresponding drop in gas prices. world oil prices will stay high, and our gas prices will likely track that. >>> americans are upbeat about the economy. 43% of americans say they are optimistic about 2013 and believe the economy is rebounding, nearly twice as many as last year. >> can i ask? the other day, we were talking about the fiscal cliff. and you tell us it will be really, really bad. why does the market keep going up? >> everyone thinks they will fix it. in the market, the question, what will the top rate be for the highest earners. 37%? the market says there will be a deal and lower corporate tax rates. if there isn't a deal, after the first of the year, a big stock marke
fed chief ben bernanke speaks at 2:15 eastern. the s & p 500 up more than 13% so far this year, and now up since the election. >>> bank of america, merrill lynch predicts oil prices in this country will drop to $50 per barrel. the cause? difficulty in moving huge amounts of oil from the bakan oil fields in south dakota and in texas. they don't predict a corresponding drop in gas prices. world oil prices will stay high, and our gas prices will likely track that. >>>...
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Dec 12, 2012
12/12
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speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a fall in consumer confidence and less business activity and he said that it's impair tea that the congress comes to a deal with the white house and he was asked, do you think that term is correct a. fiscal cliff? is it a slope, maybe? he said, no, it's a fiscal can cliff because the economy will hit a brick wall if there is not a deal in january. he says it is not hype. >> he's basically saying if we go over the fiscal cliff, if these lawmakers and white house doesn't make a deal, it could lead to a recession? >> that >> reporter: that's right. we could hit another recession if we go over the fiscal cliff
speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a...